This is the content of the pop-over!



AICPA FAR (FAR) Practice Tests & Test Prep by Exam Edge - Review


Get Instant Online Access Now!

** Sample images, content may not apply to your exam **


Passing your AICPA FAR can be a very stressful time in your life. So why take chances with your preparation? Let us help you through the certification process. See why so many users choose ExamEdge.com to guide them through the process. We only have honest reviews from real users.

Not ready to purchase our complete practice tests yet? Start with a AICPA Financial Accounting and Reporting FREE Practice Test first!

Select Your Test Bundle

Excellent

  

Select Quantity

Buy one or SAVE BIG with a Multi Test Value Pack for the AICPA FAR exam.

All transactions
secured and encrypted
All prices are
in US dollars

Be sure to purchase our test bundles to get the special bonuses. Our Practice Tests, Digital Flash Cards, and Study Guides have been expertly crafted to prepare you for the AICPA FAR exam. They are tailored to foster a deeper understanding and retention of key concepts. Using all three of these will ensure you master the skills you need to pass your certification exam.


AICPA FAR (FAR) Shortcuts

Additional test information
General Exam Info
Exam Topics
Exam Topics
Features
Features
Study Plan
Study Plan Tips
Exam Edge Desc
Test Reviews
Why Exam
Why Exam Edge?
Exam FAQ
FAQ
Exam FAQ
FREE Practice Test


AICPA Financial Accounting and Reporting - Reviews


   Excellent
Based on 140 reviews

Sydney


   TrustPilot Review

"This is the best testing resource available! I love how you can do no times with explanations. You can learn right away the correct answer."



See Why Our Users from 154 Countries Love Us!

Exam Edge is an industry leader in online test prep. We work with institutional partners to offer a wide array of practice tests that will help you prepare for your big exam. No matter how niche your field of interest might be, we are here to help you prepare for test day.



See why our users from 154 countries love us for their exam prep! Including 140 reviews for the AICPA FAR exam.

Exam Edge is an industry leader in online test prep. We work with institutional partners to offer a wide array of practice tests that will help you prepare for your big exam. No matter how niche your field of interest might be, we're here to help you prepare for test day.

   Excellent -- Based on 140 reviews

2.7M+

Users

4M+

Tests Taken

100K+

Unique Tests

18

Years In Business




AICPA Financial Accounting and Reporting - Test Reviews Sample Questions

Which of the following best defines Extensible Business Reporting Language (XBRL)?





Correct Answer:
is an xml-based language being developed specifically for the automation of business information requirements


extensible business reporting language (xbrl) is best defined as an xml-based language that is specifically developed for automating the requirements of business information. this definition encapsulates the core purpose of xbrl, which is to standardize and simplify the process of reporting business and financial information electronically.

the development of xbrl aims to provide a uniform method to describe financial data that can be used by both machines and humans. it facilitates the efficient preparation, sharing, and analysis of financial reports, statements, and audit schedules. the structured format of xbrl allows for enhanced data accuracy and reliability, making it easier for analysts, investors, and regulatory bodies to compare financial information across different entities and time periods.

one of the significant applications of xbrl is in regulatory filings with government bodies such as the securities and exchange commission (sec) in the united states. companies are required to submit their financial statements in xbrl format to the sec, which are then made available on edgar (electronic data gathering, analysis, and retrieval system). this system allows the public to access and review the financial filings of companies, thereby promoting transparency and accountability in financial reporting.

furthermore, xbrl's role extends beyond just regulatory compliance. it is increasingly being adopted globally for various business communication purposes. by automating business reporting processes, xbrl reduces the time and cost associated with manual data entry and analysis, thus enhancing business intelligence and decision-making capabilities.

in summary, xbrl is a powerful xml-based language developed to automate and standardize the business reporting process. it is crucial for financial transparency, regulatory compliance, and efficient business management, making it an essential tool in the realm of financial and business reporting.

A review for a non-issuer that is prepared unmodified from the standard review report will contain how many paragraphs?





Correct Answer:
4
an unmodified review report, prepared according to the statements on standards for accounting and review services (ssars) for a non-issuer, typically includes four distinct paragraphs. each of these paragraphs serves a specific purpose and collectively they provide a structured and comprehensive overview of the review performed by the cpa (certified public accountant). here’s a breakdown of each paragraph:

1 **introductory paragraph**: this paragraph sets the stage for the review report. it identifies the financial statements that were reviewed and the period covered by those financial statements. it also specifies that the financial statements are the responsibility of the entity’s management.

2 **management's responsibility**: this section elaborates on the responsibilities of the management with respect to the financial statements. management is responsible for the preparation and fair presentation of these financial statements in accordance with the applicable financial reporting framework (e.g., gaap in the united states). this includes designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

3 **cpa’s responsibility paragraph**: here, the cpa describes their responsibilities in conducting the review. it states that the review was conducted in accordance with ssars, which are issued by the american institute of certified public accountants (aicpa). the paragraph emphasizes that a review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data, and thus does not involve the comprehensive testing of financial data or the evaluation of internal controls that an audit involves. the cpa also states that the review is substantially less in scope than an audit.

4 **limited assurance paragraph**: the final paragraph provides the cpa’s conclusion based on the review. it generally states that, based on the review, the cpa is not aware of any material modifications that should be made to the financial statements for them to be in conformity with the applicable financial reporting framework. this is known as providing "limited assurance" – it is not as strong as the “reasonable assurance” provided in an audit report but is still a form of assurance based on the procedures performed. each of these paragraphs is crucial for understanding the scope and outcome of the financial review, and together, they form a complete unmodified review report for a non-issuer under ssars.